Imerys Makes Acquisitions in India and Ukraine (posted 8/2/07)
Imerys recently announced that a final agreement was signed with ICICI Venture, an Indian LBO fund, for the acquisition of a 99% stake in ACE, a leader in monolithic refractories. With two plants located in central India and five sales agencies in the country’s major cities, ACE achieves annual sales of over €50 million (~ $68 million).
It’s expected that with this acquisition, Calderys (Imerys’ subsidiary specializing in monolithic refractories), which has had a sales agency in India since 2002, will be able to benefit fully from the strong growth expected in the Indian monolithic refractories market by combining its technological expertise with ACE’s industrial assets and commercial platform. In addition, ACE’s product ranges and technical teams will enable Calderys to serve the fast-growing Middle Eastern and Asian markets more effectively.
With this operation, Calderys strengthens its geographic coverage in a zone with great growth potential and consolidates its global leadership in silico-aluminous monolithic refractories. This gives Imerys a significant foothold in India, where it has industrial presence in pigments for paper and minerals for ceramics. The Group will benefit from high-quality structures and teams that will enable it to continue its growth in the country.
In addition, Imerys recently announced that it has taken control of Vatutinsky Kombinat Vognetryviv in Ukraine by increasing its interest from 26 to 86% in late July. A specialist in low- and medium-alumina-content chamottes (calcined clay), for refractory sectors, Vatutinsky serves mainly Eastern European markets. The operation strengthens the Group’s chamottes production base, which has existing facilities in the U.S. (C-E Minerals) and France (AGS).
In total, these acquisitions represent annual sales of almost €65 million (~ $89 million) and EBIT of €10 million (~ $14 million), for a total value of €107 million (~ $146 million).
For additional information, visit www.imerys.com.